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American International Will Cut
1.8% of Staff After Acquisition

a Wall Street Journal Staff Reporter

Updated Sept. 6, 2001 11:59 p.m. ET

American International Group Inc., of New York, said it would cut 1,500 jobs, or about 1.8% of its work force, during the next 12 to 18 months as it integrates life-insurance company American General Corp.

The reductions result primarily from overlap at various AIG and American General locations, but the company said some of the job cuts would come from attrition. AIG had said there would be layoffs as a result of its $23 billion acquisition of Houston insurer American General.